We study the relation between two notions of holonomy on a conformal manifold.
The first is the conformal holonomy, defined to be the holonomy of the normal
tractor connection. The second is the holonomy of the Fefferman–Graham ambient
metric of the conformal manifold. It is shown that the infinitesimal conformal
holonomy and the infinitesimal ambient holonomy always agree up to the order that
the ambient metric is defined.